Amy Goodman
@DemocracyNow·3.2M subscribers·19.4K videos
The Biggest Tax Scam Ever: How Corporate America Parks Profits Overseas, Avoiding Billions in Taxes
Posted
August 28, 2014
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August 28, 2014
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12:01Now PlayingAs Burger King heads north for Canada's lower corporate tax rate, we speak to Rolling Stone contributing editor Tim Dickinson about his new article, "The Biggest Tax Scam Ever." Dickinson reports on how top U.S. companies are avoiding hundreds of billions of dollars by parking their profits abroad and still receiving more congressionally approved incentives. Dickinson writes“Top offenders include giants from hightech (Microsoft, $76 billion); Big Pharma (Pfizer, $69 billion); Big Oil (ExxonMobil, $47 billion); investment banks (Goldman Sachs, $22 billion); Big Tobacco (Philip Morris, $20 billion); discount retailers (WalMart, $19 billion); fastfood chains (McDonald's, $16 billion) even heavy machinery (Caterpillar, $17 billion). General Electric has $110 billion stashed offshore, and enjoys an effective tax rate of 4 percent 31 points lower than its statutory obligation to the IRS.”
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